CXMT's $3.6T Valuation: A Collective Illusion for A-Share Retail Investors

On the first day of listing, I sat in my office in Lujiazui, Shanghai, staring at the intraday chart on the screen. ChangXin Memory Technologies opened at 49.5 yuan, with a market cap of 3.31 trillion, and kept climbing. A friend working in the secondary semiconductor market called me, unable to hide his excitement: "This stock can hit 5 trillion, do you believe it?" I paused for two seconds and asked him: "Have you calculated its DRAM shipment volume for 2026? Convert that into profit per Gigabyte, divide by share count, what's the current PE ratio?" The line went quiet, then he said: "A-shares don't look at this stuff."